Falling commodity prices, broad USD strength keep antipodeans subdued, AUD/USD inched up to 0.7207, from 0.7187 in early trade, only to retreat back to 0.7190 levels
- The pair has gained around two cents in the past two weeks but met heavy resistance near 0.7250, is likely to consolidate between 0.7150 and 0.7250 until fresh news emerges
- RBA Governor Glenn Stevens speech is awaited at 0905 GMT, and expectations are he might try and talk down the Aussie given it has proved resilient to a sharp fall in the price of iron ore, Australia's top export earner
- Spot iron ore lost more than 5 percent last week and came close to its lowest level since July amid a global glut and faltering Chinese demand
- Immediate resistance for the pair is seen at 0.7207 (Session high Nov 24), while supports is located at 0.7186 (5 DMA)
Recommendation: Good to sell rallies around 0.7210, SL: 0.7260, TP: 0.7145
Resistance Levels:
R1: 0.72 (Psychological Level)
R2: 0.7207 (Session high Nov 24)
R3: 0.7212 (Cloud top)
Support Levels:
S1: 0.7186 (5 DMA)
S2: 0.7173 (Cloud base)
S3: 0.7144 (10 DMA)
